CHENNAI: The price of 22-carat gold in Chennai, which has been oscillating lately, plummeted by Rs 1,800 per sovereign on Tuesday (Oct 28) evening. A sovereign (8 grams) now costs Rs 88,600, with the per-gram rate falling by Rs 225 to Rs 11,075.

Today morning, gold fell by Rs 1,200 to Rs 90,400/sovereign (Rs 11,300/gram), thereby marking a record Rs 3,000 drop across a single day.

A day earlier, on October 27, the price of a sovereign of gold had reduced by Rs 400 to Rs 91,600 (per-gram rate: Rs 11,450).

On October 17, a sovereign had cost Rs 97,600 (gram: Rs 12,200), the highest it has recorded this year, only to fall later.

Gold has seen a record rally this year as traders turned to the safe-haven asset amid geopolitical and economic uncertainty, driven by the ongoing US shutdown and the global trade war President Donald Trump unleashed, including on India.

Gold prices have recorded a massive surge from Rs 57,200 per sovereign (Rs 7,150 per gram) at the start of the year to Rs 88,600 today evening (October 28), a growth of Rs 31,400, or roughly 54.8%.

However, after a straight breakneck climb, the yellow metal has been on an on and off decline since the past week. Commenting on this decrease, S Santha Kumar, secretary, The Jewellers and Diamond Traders Association – Madras, had attributed it to the inflation prevailing in the US economy, saying it has nothing to do with any domestic reasons.

However, Santha Kumar had also predicted that gold is likely to go up again by next week. “It is expected to cross Rs 1 lakh per sovereign by November."

Meanwhile, the silver rate on October 28 remains the same as in the morning. A gram of silver costs Rs 165 (Rs 165,000/kilogram), marking a Rs 5 drop from the previous rate of Rs 170.

A gram of silver was priced at Rs 98 on January 1, and today it trades at Rs 165, marking a rise of Rs 67, or 68.3%.

Gold price (22-carat) over the last five days:

October 27, 2025 - 1 sovereign: Rs 91,600, 1 gram: Rs 11,450

October 25, 2025 - 1 sovereign: Rs 92,000, 1 gram: Rs 11,500

October 24, 2025 - 1 sovereign: Rs 91,200, 1 gram: Rs 11,400

October 23, 2025 - 1 sovereign: Rs 92,000, 1 gram: Rs 11,500

October 22, 2025 - 1 sovereign: Rs 92,320, 1 gram: Rs 11,540

Silver price over the last five days:

October 27, 2025 - 1 gram: Rs 170

October 25, 2025 - 1 gram: Rs 170

October 24, 2025 - 1 gram: Rs 170

October 23, 2025 - 1 gram: Rs 174

October 22, 2025 - 1 gram: Rs 175